EFCC Arrests E-Money Over Defacing Of Naira & Foreign Currency

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Businessman and CEO of Five Star Music, Chief Emeka Okonkwo, popularly known as E-Money, has been arrested by the Economic and Financial Crimes Commission, EFCC, over alleged abuse of the Nigerian currency alongside foreign currency at a public event. 
E-Money, the CEO of Emmy Cargoes Nigeria Limited, was taken into custody on Tuesday morning, 29th April 2025, in Lagos following what officials described as a clear violation of the Central Bank of Nigeria’s guidelines on the handling of currency in public spaces. 
According to officials within the EFCC, the arrest stems from footage showing the socialite spraying both Naira and U.S. Dollars during a lavish party in Lagos—a practice outlawed under Nigeria’s currency laws and the Foreign Exchange Act.

EFCC stated it has commenced preliminary investigations and plans to charge E-Money to court upon conclusion of its inquiry.

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